### Solution:

Let the number of boys beand the total sum of money berupees.Sum of money received by each boy

Here, the number of boys becomes .

Sum of money received by each boy

The sum of money received by each boy (where the number of boys is ) is Re. 1 less than the sum of money received by each boy (where the number of boys is ).

Therefore, we get the equation

Simplifying by cross multiplication, we get

Multiplying by using the distributive law of multiplication, we get

Subtracting from both sides, we get

Rewriting the equation, we get

Sum of money received by each boy

The sum of money received by each boy (where the number of boys is ) is Re. 1 less than the sum of money received by each boy (where the number of boys is ).

Therefore, we get the equation

Simplifying by cross multiplication, we get

Multiplying by using the distributive law of multiplication, we get

Subtracting from both sides, we get

Dividing both sides by 3 and rewriting the equation, we get

Subtracting equation from equation , we get

Adding and subtracting the like terms, we get

Dividing both sides by 5, we get

Substituting in the equation ,we get

Subtracting from both sides, we get

Thus, the number of boys is 40.

Substitutingin the equation , we get

The total sum of money is Rs. 200.

So, option 2 is correct.